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Marketplace All-in-One

The economic agenda for the new Congress

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 3 January 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

Today is the first day of the 119th Congress. Republicans control the House and the Senate, though who holds the House Speaker position remains up in the air. And top of the economic agenda for the new Congress will be what happens with the Trump tax cuts passed in 2017. Also on this morning’s program: a floundering takeover of U.S. Steel, the year ahead in AI and an update on net neutrality.

Transcript

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0:00.0

Could Apple Siri send you 20 bucks? I'm David Brancaccio. First, it's the first day of a new Congress. Republicans control the House and the Senate, although who will lead the lower chamber is still up in the air ahead of a vote today for House Speaker. Marketplaces Kimberly Adams has more on implications here for economic policy.

0:20.3

Top of the economic agenda for the new Congress, says Adam Michelle, director of tax policy

0:25.4

studies at the Cato Institute.

0:27.3

What happens with the Trump tax cuts that were passed in 2017?

0:31.2

Many provisions of that tax law expire at the end of this year, especially the individual

0:36.1

tax cuts for most Americans.

0:38.3

And interest groups are already clamoring for the elements they want to preserve or change.

0:43.7

Congress will sort of inevitably have to do something.

0:47.2

And what they do, how they deal with that deadline, will impact sort of every American's finances.

0:53.1

While unified GOP control of the White House in Congress makes things like confirming

0:58.0

cabinet members and judges a bit easier in the Senate.

1:01.9

The House majority is incredibly slim.

1:05.5

Lindsay Owens leads a groundwork collaborative and economic policy think tank.

1:10.1

She says for the more complicated issues like taxes, immigration, and economic policy think tank. She says for the more complicated

1:11.7

issues like taxes, immigration, and energy policy, we'll see Congress attempt to use reconciliation,

1:18.7

which is the tool that they have when they need to pass bills with a simple majority in the

1:23.5

House and the Senate to move through key pieces of their agenda. But even then, says Owens,

1:28.1

Republicans will have to deal with some infighting over what to prioritize and how to pay for it.

1:33.8

In Washington, I'm Kimberly Adams for Marketplace. Multiple published reports this morning say

1:39.3

President Biden is set to block the $15 billion takeover of U.S. Steel by Napan Steel. Napan means Japan.

1:47.4

U.S. Steel's stock is down 8.5% in overnight trading here.

1:51.1

The BBC's Mariko Oi says this would be despite concessions by the two companies.

...

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